Business Strategy

Crowdsourced Business Models

Crowdsourced Business Models

Crowdsourcing can take place on many different levels and across various industries. Thanks to our growing connectivity, it is now easier than ever for individuals to collectively contribute and share — in any form: Information, knowledge, Ideas, Suggestions, Time, Know-how & Expertise, or even Funds — to a project or cause. This practice of mobilizing the crowd to a particular cause is called crowdsourcing. In the below mentioned illustration we have tried to cite some of the Crowdsourced  business model which entails the act of engaging a ‘crowd’ or group for a common goal — often innovation, problem solving, or efficiency.

This practice of sourcing elements from Crowd can help organizations with the access to new ideas and solutions. Some of the natural benefits of Crowd Business Models are, higher level and deeper consumer engagement, opportunities for co-creation, optimized tasks, and lower costs. The revolutionary practice has been brought into existence by the Internet and social media. Crowd sourced models have brought organizations together and closer to their stakeholders, laying the very groundwork for newer ways of , working together, collaborating and creating value together like never before.

Crowd sourced business model

Image Source: crowdsourcing.org

Thanks for rating this! Now tell the world how you feel - .
How does this post make you feel?
  • Excited
  • Fascinated
  • Amused
  • Bored
  • Sad
  • Angry
Comments

More in Business Strategy

Social Media Engagement 101: How to Help Increase Your Follower Interaction

adminOctober 26, 2017

Call Tracking and Conversions: Why Call Tracking Can Help Improve Your Conversions

adminOctober 12, 2017

5 Creative Ways To Attract Top Talent For Your Business

adminSeptember 15, 2017
Business guide to success

A New Business Owner’s Guide to Success

adminSeptember 15, 2017

Tuition Business- Why it’s better to Own a Private Institution as compared to Personal Coaching

adminSeptember 3, 2017

Top LMS Integrations You Need to Improve elearning

Kamy AndersonApril 7, 2017

Make Your Professional Bio Sound Like You: Tips On Writing An Autobiography

Eleanor SummersMarch 28, 2017

4 Ways to Become Your Own Boss

Dan RadakMarch 28, 2017
supporting-image

Google’s Andromeda and Microsoft’s Andromeda: Are They the Same?

William BournMarch 22, 2017